Inflation reaches target for first time since start of pandemic.

The rate of inflation has recently taken a dip, reaching its lowest level since the pandemic began. This is welcome news as it falls back into the desired range for the first time this year. According to the latest data released by the Australian Bureau of Statistics, the consumer price index for the quarter has dropped to 2.8 per cent, a significant decrease from the 3.8 per cent recorded in June.

This marks the lowest quarterly inflation reading since March of 2021. It seems that the efforts to control the economy during these uncertain times have been successful. But what has caused this decline? Well, the ABS report points to government energy rebates and the decrease in petrol prices as the main contributors to the slowdown.

This recent data is in line with the monthly CPI report from last month, which also showed a decrease in the cost of living, down to 2.8 per cent. While this is a positive development, it is unlikely to prompt the Reserve Bank to make any interest rate cuts at their upcoming meeting next week. Governor Michele Bullock has previously stated that the board is keeping an eye out for consistent signs of inflation staying within the desired range before making any changes.

There is no doubt that this is a promising development for the economy, but we must remain cautious as we continue to navigate through these turbulent times. With the governor keeping a watchful eye on inflation, we can hope for more positive news in the future. Stay tuned for further updates.

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